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Research Update: Italy-Based Veneto Banca Ratings Lowered To 'BBB-/A-3' On BICRA Change; Outlook Negative Feb 12 Product Image

Research Update: Italy-Based Veneto Banca Ratings Lowered To 'BBB-/A-3' On BICRA Change; Outlook Negative Feb 12

  • ID: 2054974
  • February 2012
  • Standard & Poors

Abstract
On Jan. 13, 2012, Standard & Poor's lowered its unsolicited long- and short-term sovereign credit ratings on the Republic of Italy to 'BBB+/A-2' from 'A/A-1', assigned a negative outlook, and removed the ratings from CreditWatch negative. We have revised our Banking Industry Country Risk Assessment (BICRA) on Italy to group '4' from group '3', and our economic risk and industry risk scores on Italy to '4' from '3'. We are lowering our long- and short-term ratings on Italy-based Veneto Banca to 'BBB-/A-3' from 'BBB/A-2' and removing them from CreditWatch negative. The negative outlook reflects our view that Italy's deteriorating economic and banking industry conditions could adversely affect Veneto Banca's capital and asset quality more than we currently anticipate under our...

Companies mentioned in this report are:
- Veneto Banca SCPA

Action: Downgraded
Action: Outlook: Negative
Action: Removed From CreditWatch

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